🔗 Share this article Hamilton Island, one of the Popular Tropical Holiday Destination on the Great Barrier Reef, Reportedly Set to be Sold by American Private Equity Firm. An iconic tropical holiday destination located on the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based investment group in a deal reportedly valued at A$1.2 billion. “We are honored to continue the vision and dedication of the Oatley family has established in the heart of the iconic Great Barrier Reef,” said a senior representative. Details of the Acquisition Agreement Headquartered in New York, the investment firm Blackstone – which also owns the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the Hamilton Island resort from the Oatley family owners, pending standard approvals from regulators. The sellers issued a comment saying they were pleased with the new owners of an island that holds a “special place in the affections of many Australians” and is known as “Australia’s Tropical Island”. Hamilton Island's Size and Amenities Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, Hamilton covers over 1,130 hectares across two islands. Roughly thirty percent of the area is built upon, featuring a significant range of facilities: Five hotels Over twenty restaurants and bars Twenty shops and retail spaces An championship 18-hole golf course on neighboring Dent Island A boat marina and a commercial airport The resort is noted as a significant employer in the Whitsundays, sustaining a large on-island community and workforce, as well as a broad network of local partners, vendors, and local businesses. Historical Context at The Island's History The deceased billionaire Robert Oatley, a well-known sailor and winemaker, first bought the resort for A$200 million in 2003 after spotting the island from aboard a yacht during a voyage through the Whitsunday passage. Hamilton's development boom first began in the 1980s. In the decades before that, it was home to simple iron huts and more humble quarters that housed Australian vacationers from the outback and from the south. Broader Portfolio and Local Heritage The acquiring firm has ownership of luxury hotels and resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States. The area is the ancestral territory of the Ngaro people. Its name derives from Captain James Cook, who navigated the HMS Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.